Decentralized finance (DeFi) applications continue to spread around the world. Bank for International Settlements (BIS)made an important statement regarding the crypto industry on its website yesterday.
According to the statement on the BIS website Switzerland, France and Singapore central banks; using decentralized protocols (DeFi systems) to reduce international payment costs digital currency (CBDC) plans to perform automatic transfers.
The project coordinated by the BIS Innovation Center “Project Mariana” was named. According to the statements, the development of the Mariana project will continue until the middle of 2023.
Central banks of research partner countries with Project Mariana DeFi will explore the impact of technologies on the forex markets. The main goal is for decentralized finance to be an automatic liquidity provider in the foreign exchange market. In addition, new data will be obtained on how digital currencies (CBDC) can be used in international transfers.
Cecilia Skinsley, one of the BIS Innovation Center directors, made the following statement after the announcement:
“Project Mariana is a pioneering project in this field. The central banks of the three countries will jointly explore the applications of CBDCs on decentralized finance.”
Skinsley underlined that the Mariana project is the first collaborative project in the Innovation center and stated that they hope to see more in the future.
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